CFA® L3 — Trading, Performance Evaluation & Manager Selection
Execution costs and trade strategy, manager search and selection, ongoing monitoring, attribution at the institutional level.
Quick info
- Layer
- Professional Certifications
- Track
- CFA® Level 3
- Estimated hours
- 25 hrs
- Chapters
- 4
- Exam body
- CFA Institute
- Cost on Trustner
- Free
The full chapter-by-chapter syllabus is published below so you know exactly what you're committing to. Individual lesson pages are being authored progressively over the coming weeks. Bookmark this page or browse all courses.
About this course
Execution costs and trade strategy, manager search and selection, ongoing monitoring, attribution at the institutional level.
Who this is for
- CFA L3 candidates.
What you'll learn
- Implementation shortfall and trade-cost analysis
- Algorithmic execution
- Manager search and selection
- Monitoring and termination decisions
Full syllabus — 4 chapters
- 1Reading 1
Implementation shortfall
- Components of trading cost
- Pre-trade analysis
- 2Reading 2
Algorithmic trading
- VWAP, TWAP, IS algorithms
- Dark pools and routing
- 3Reading 3
Manager search
- Universe definition
- Quantitative and qualitative DD
- 4Reading 4
Monitoring and termination
- Performance review framework
- When to fire a manager
About the exam
- Provider
- CFA Institute
Note: ~5-10% of CFA L3 weight.
The exam is administered by CFA Institute. Trustner Academy is not affiliated with CFA Institute; we provide independent preparatory educational material. See our disclaimer.
More from CFA® Level 3
CFA® L3 — Asset Allocation
Strategic and tactical asset allocation, capital-market expectations, the IPS, currency management. Heavy in the L3 essay paper.
CFA® L3 — Portfolio Construction
Active vs passive choice, factor investing, manager selection, ETF use, taxes, and the mechanics of building and rebalancing a real portfolio.
CFA® L3 — Performance Measurement
Attribution, benchmarking, risk-adjusted returns, the GIPS Standards. Measuring what a manager actually delivered.
CFA® L3 — Derivatives & Risk Management
Hedging equity, currency, and rate risk; managing portfolios with futures, options, and swaps; tail-risk hedging strategies.